Whilst the main market is still moderately weak (but set for the sp'2040s Wed/Thursday), there is severe weakness in Tesla Motors (TSLA), -9.2% in the $207s. A 'Consumer reports' article has spooked many with talk of increasing reliability problems. The fail at the 200dma is rather dire.
*story @ YAHOO
Those doomer bears seeking the main indexes to max out around the 200dma.. should be seeking exactly the kind of reaction we are seeing in TSLA.
In the case of TSLA, the excuse is an article.. but regardless.. price action shows two clear spiky top daily candles... unable to clear ultimate resistance at the 200dma.
Today is a massive fail.
$200 psy' level
The Aug' flash-print low of $195.. and then the 185/180 zone.
Arguably.. the very worse trade would now be to try to 'buy the dip' in TSLA... after such a technical fail.
re: weekly. A doomer target would be the 150/120 zone... but that will likely require a return to the sp'1800s.